If you are considering taking on the life of entrepreneurship, there is a good chance that your business will be home-based. This can be a huge change from commuting and working in an office. It is important that you manage this extreme change properly or your business can suffer.
Being a long-time entrepreneur that manages many of my work from home, I want to provide you with 11 tips on managing a home-based business.
I know if you follow these tips, you will be better prepared for the entrepreneurial challenge you have taken on.
Home-Based Business Tip #1: Have A Dedicated Work Space/Office
This is an important tip for 2 huge reasons:
- Your peace of mind.
- Taxes
While I am sure you trust your family members (hopefully), it is just better on your peace of mind if those family members are not within your work space. If something is missing or gets Kool Aid spilled on, the only person you can blame is yourself.
Secondly, the IRS will give you a tax deduction on your home-based business office as long as it is strictly used for just that.
Home-Based Business Tip #2: Invest In Your Work Environment
You need to consider your work environment. If you are comfortable, your work will reflect your pleasure. I suggest that you ensure your desk, chair and all other home-based business office tools are the best. Be willing to spend a little more for the best because in the long run, that investment will pay off.
I also suggest that you invest in software and hardware that will make your job easier.
Home-Based Business Tip #3: Create A Business And Time Management Plan
One of the biggest downfalls of home-based businesses is not having a plan. As an entrepreneur, you need to develop a plan.
- What is your mission?
- What vision do you have?
- What problem will you solve?
Develop your plan with all of these questions in mind.
I also suggest that you have a planner and plan your time. I suggest that you plan your day the night before so that you will make the best use of your time. So you are working on your business instead of “in” your business.
Home-Based Business Tip #4: Create A Marketing Plan
To be perfectly blunt, if you are not marketing, you really do not have a business.
I felt I should separate this from tip #3 because of the importance. You need to develop a marketing and advertising program and I suggest you run multiple tests to discover what marketing strategy works best for you.
Home-Based Business Tip #5: Outsource
There are many tasks in business structures that should be done by someone other than you. Your priority should be gaining profits and not doing the $15 per hour tasks that need to be done, but are not necessarily creating revenue.
I suggest you take some time and list all the business tasks that could be outsourced. You can then outsource that work to a local freelancer or possibly use outsourcing websites like Upwork, Fiverr or others.
Home-Based Business Tip #6: Insurance
This is another area that many new entrepreneurs neglect or procrastinate about.
We need to insure our assets and our home-based business is an asset. I suggest that you meet with an insurance agent to learn the various policies available to protect your home-based business.
Home-Based Business Tip #7: Dress For Success
The temptation to work all day in your pajamas will be powerful. But is it wise to work in your “jammys?”
There have been studies that show people who dress sharply have better work habits and are more productive.
I am not saying you have to wear a suit and tie while working at home, but dressing in casual business attire will have you performing your tasks in a more competent manner.
Home-Based Business Tip #8: Make Time For Loved Ones
The work-life balance for entrepreneurs can be nonexistent in many cases.
I cannot stress this enough… Make time for your family! Make it a part of your plan and do not deviate from that family plan. Just remember, without your family, your business is nothing.
Home-Based Business Tip #9: Personal Development
You can always learn more. I suggest that you start finding books that can help you grow in your knowledge of your business. You may also want to learn about accounting, computers, marketing and other areas that can help you grow your business.
You may even consider taking courses at your local college or even online. Just try to learn something new every chance you can.
Home-Based Business Tip #10: Network
Networking with other business professionals is also important.
First, having a home-based business can be lonely at times and networking can help you defeat those lonely feelings. Also, other professionals can help you learn methods that have worked and not worked. They can also be a great referral source.
Try joining local professional groups; go to trade shows and attend Chamber of Commerce meetings.
Home-Based Business Tip #11: Learn All You Can About Taxes
Love them or hate them, taxes are inevitable. The wise entrepreneur learns everything they can about taxes because there are a slew of deductions you can take when you own and manage a home-based business.
While I do believe it is in your best interest to have an accountant, it is still wise to learn anything and everything you can so you are completely prepared and you know what to file and what can be thrown away.
With that last tip, I need to also offer a suggestion that has helped many home-based business owners manage their finances and save money on taxes.
Several years ago, I developed an application that has helped entrepreneurs all over the world and I know it will help you too.
Check out the Expense Tracker to help you manage your home-based business.
Conclusion
I really hope these tips help you manage your home-based business. Please leave a comment and let me know.
If you have any questions, just ask them below.
Please share this with others so they can have these tips too.
Thank you and keep moving:
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